Berlin-based software company CANDIS receives venture debt financing to automate accounting processes
Client News | November 14, 2019
Frankfurt am Main, November 14, 2019 - Silicon Valley Bank (SVB), the bank of the world's most innovative companies, corporations and their investors, is awarding a venture debt loan to the software company CANDIS, which automates accounting processes with Artificial Intelligence, in the course of the Series-A financing round.
CANDIS software automates the financial processes of small and medium-sized enterprises using machine learning. The software analyses document data as well as account and credit card transactions, derives business transactions from them and creates workflows from them. Companies and tax consultants benefit from real-time overviews of open items or intelligent payment lists.
"Since 1983, Silicon Valley Bank has supported countless companies in the innovation economy that are redefining the way we live and work. CANDIS belongs no question to these companies,” said Oscar Jazdowski, co-head of Silicon Valley Bank Germany.
"I am personally delighted to accompany their growth and success story. CANDIS has great plans and we look forward to helping them," adds Christian Hoppe, Managing Director of Silicon Valley Bank Germany.
In addition to the Series A financing round in September 2018, the Venture Debt is intended to help the Berlin-based SaaS start-up further expand its market leadership in the area of automated financial processes for small and medium-sized enterprises and hire the best talent. The aim is to achieve the company's goal of making finance departments 90 percent more efficient with its software solution.
"We look forward to working with Silicon Valley Bank as a long-term partner. The bank understands how to help technology companies accelerate their growth from startup to corporate and can offer us flexible and tailor-made financing solutions throughout our business development," said Christian Ritosek, Co-Founder and Managing Director of CANDIS. "In addition, SVB has a broad network of C-level networks around the world. An asset from which we also benefited before the financing," adds Ritosek.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centres around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
The software company CANDIS was founded in 2015 by Christopher Becker and Christian Ritosek with the goal of automating manual accounting processes through intelligent software. CANDIS is an official DATEV interface partner and serves several thousand small and medium-sized companies as well as their tax consultants. The company has a number of well-known investors such as Lightspeed Venture Partners, Point Nine Capital, Speedinvest or the mainincubator of Commerzbank.